Online gaming group 888 Holdings has signed an agreement with US firm Caesars Interactive Entertainment (CIE), in the company's first US online betting deal.
Under the agreement, Dragonfish, 888's independent business to business arm, will power a selection of CIE's established and recognised poker brands.
The partnership comes ahead of regulatory change expected in US gambling laws, which would permit specific kinds of online gambling.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer Mitch Garber said: "888 has been successfully driving the World Series of Poker brand in the UK for the past three years, and with current momentum toward either a Federal or State by State regulatory environment, 888 is uniquely positioned to support either outcome, without delay."
888 added that believes it has a strong platform to sign with further potential US partners.
According to Peel Hunt analyst Nick Batram, "not only has 888 put itself in the game should the US open, but it also vindicates its B2B arm which is already a supplier to Caesars. Added to good trading momentum is now positive strategic direction. 888 is now very much a business on the front foot."
The share price rose 11.07% to 52.5p by 15:26.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
